EquityPandit’s Outlook for Nifty Energy for the week (March 23, 2020 – March 27, 2020):

NIFTY ENERGY:

NIFTY ENERGY Index closed the week on negative note losing 811.15 Points 6.92%.

Weekly High: 11,542.15

Weekly Low: 9,802.65

Weekly Close: 10,910.10

Technically on the daily charts we see minor support on the downside for NIFTY ENERGY index lies at 10200 levels, whereas minor resistance on the upside is capped around 11650-11700 levels.

If NIFTY ENERGY index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 9600 and if breaches minor resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 12500.

Currently NIFTY ENERGY index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 9600 on downside and 12300 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 12,491

RESISTANCE 1: 11,700

SUPPORT 1: 9,961

SUPPORT 2: 9,012